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Yangzijiang grabs $533m orders for 15 bulkers

Yangzijiang grabs $533m orders for 15 bulkers
Chinese yard Yangzijiang Shipbuilding has secured $533m worth of shipbuilding orders from new bookings for nine bulk carriers and options for six bulkers converted into effective orders.

The new shipbuilding orders include five 82,000 dwt bulk carriers and four 208,000 dwt bulk carriers, and the six options consist of four 82,000 dwt bulkers and two 64,000 dwt bulkers, Yangzijiang announced on Wednesday.

The 15 new effective contracts are scheduled for deliveries in years 2015 to 2016.

Year to date, a total of 67 shipbuilding contracts amounting to $2.63bn have come to effect, according to Yangzijiang.

As at 13 November 2013, the shipbuilder has a total of 30 options outstanding worth a total of $1.48bn, of which 11 options are for containerships and 19 options are for multi-purpose bulk carriers.

Meanwhile, Yangzijiang also announced the incorporation of a 100% owned subsidiary, Shanghai Run Yuan Shipping Management, in China (Shanghai) Pilot Free Trade Zone to provide international ship management services and ship related technical consulting services, as well as wholesale, import and export of ship's spare parts.

Yangzijiang believed that in the long run, the new ship management arm will become an additional revenue stream for the group with “progressive expansion of its businesses by providing services to third parties.”

The Singapore-listed company had earlier posted a third quarter net profit of RMB820.74m ($134.75m), down 6% compared to RMB877.25m recorded in the same period of 2012.